The joy of rejection: What to do if your business loan has been refused or delayed

28 March, 2019
You’ve got big plans. You’re ready to take your business to the next level. You decide you need an injection of capital.

And you’re denied.

This can be a very disappointing experience.

We’re here to help all of our members and the whole Central West community to get more confidence with finance. If this happens to you, take heart. It isn’t the end of the road.

Get feedback

First, see if you can get feedback on why you might not have qualified for the loan.

The road to business success is paved with stories of people who weren’t successful on their first - or sometimes even tenth - try, but stayed the course and were rewarded for their perseverance.

Gathering feedback can help you understand what parts of your application need more attention, or if there are things you can do in the meantime to get into a better financial position to receive a loan.

Evaluate what you can improve on

With feedback in hand, take this opportunity to improve on either your business plan, application or approach.

Is it viable to re-apply for the loan, or do you need to find other ways of sourcing finance? Are there changes you can make to your business plan to make it more attractive to potential lenders or investors?

Work with someone you can trust

At Central West Credit Union, we have a local team who are here to empower you to get the most from your banking experience. You can speak with:

Tania Parker and Janine Fisher in our Parkes branch, 
Kerry Spence and Ruth Moore in our Cowra branch, or
Bruce Facey in our Forbes branch.

Tony Feringa, our Mobile Relationship Officer, is also here to meet our community wherever they are in the region.

His job is to help people through the application process, and make sure you’re providing accurate information and putting your best foot forward when your loan gets handed across to other members of our loans team for approval.

No matter what path you take, having someone to help you navigate the ins and outs of lending and the paperwork involved can take a lot of the pressure off you.

Want to talk to Tony?

Our Mobile Relationship Officer is here to help you through the loans process.